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Gurgaon: Government to propose regulatory authority for real estate

In the budget session which is likely to be held on February 22, the Haryana government plans to discuss a bill which has proposed the constitution of a regulatory authority for the real estate sector.

 

The protocol with respect to settlement of property disputes is to resort to civil courts. However, after the regulatory authority is set up, buyers and builders will have a new forum to sort out conflicts related to property issues. As per a media report of Times of India, in all likelihood this authority will be headed by a chairman and two other members. The latter may be retired officers from the Indian Administrative Services (IAS).
Favista’s view: Given that the number of cases pertaining to property disputes are increasing day by day, such a regulatory body is likely to add credibility and accountability within the real estate market in india. However, it is possible that it might take some time before such a bill can be passed. Until then, cautious buyers will fare well by seeking help from professional brokerages before engaging in any property transaction. Favista Real Estate strives to make one’s real estate transaction both simple and transparent.

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